The Boomer Retirement is creating more demand for labor than supply. Domestic hostility towards immigration has put a lid on how many new workers can enter the economy from outside the state. Rising real estate costs in high density communities are creating upward pressure on wages.
This isn't a new phenomenon. We've seen labor crunches in the 18th, 19th, and 20th centuries rebound to workers' favor. And we've seen huge influxes of new migrants / big spikes in domestic population destabilize labor economies to the benefit of capital. Like, this is half the story of the industrial revolution. It's the story of the Black Plague. It's the story of the post-World War lifestyle boom and the post-Globalization lifestyle sag. It's the reason Bernie Sanders isn't going hand-in-hand with neoliberal Open Borders guys. It's the reason neoliberalism has Open Borders guy.
Very possible that a sharp constriction in labor - not just in the US but the world over - will benefit the working age adults who inherit this overdeveloped and underutilized economy.
I agree, this is probably a good thing for workers - at least those that didn't in the transition (of COVID or otherwise). But I'll need a couple decades of info to declare an age lol
The Boomer Retirement is creating more demand for labor than supply. Domestic hostility towards immigration has put a lid on how many new workers can enter the economy from outside the state. Rising real estate costs in high density communities are creating upward pressure on wages.
This isn't a new phenomenon. We've seen labor crunches in the 18th, 19th, and 20th centuries rebound to workers' favor. And we've seen huge influxes of new migrants / big spikes in domestic population destabilize labor economies to the benefit of capital. Like, this is half the story of the industrial revolution. It's the story of the Black Plague. It's the story of the post-World War lifestyle boom and the post-Globalization lifestyle sag. It's the reason Bernie Sanders isn't going hand-in-hand with neoliberal Open Borders guys. It's the reason neoliberalism has Open Borders guy.
Very possible that a sharp constriction in labor - not just in the US but the world over - will benefit the working age adults who inherit this overdeveloped and underutilized economy.
I agree, this is probably a good thing for workers - at least those that didn't in the transition (of COVID or otherwise). But I'll need a couple decades of info to declare an age lol